2 Crypto Startups Unveil Security Token Issuance and Trading Service

coindesk | February 19, 2019

2 Crypto Startups Unveil Security Token Issuance and Trading Service
Two crypto startups want to streamline the process of issuing and trading security tokens by providing an all-in-one solution.Securitize, a Coinbase-backed security token startup, is partnering with OTCXN, a blockchain infrastructure company to develop and offer a digital security offering service. Under the arrangement announced Tuesday, the two companies will help other firms tokenize and sell securities by combining Securitize’s securities compliance platform with OTCXN’s custodial ledger system.Carlos Domingo, CEO and co-founder of Securitize, told CoinDesk that his firm would create and facilitate the sale the tokens in compliance with the relevant security laws in each client’s jurisdiction. OTCXN founder and CEO Rosario Ingargiola added that Securitize would create the security tokens on the ethereum blockchain using the ERC-20 standard and handle the initial issuance. A smart contract would be used to enforce investor compliance procedures. Ingargiola’s company would then provide infrastructure to support secondary market trading of the token, he told CoinDesk. However, the security tokens themselves would not be traded. Instead, another token representing the securities would be transacted.Trading without custodyCustodians, such as Kingdom Trust or Prime Trust, would store the security tokens using their specific systems, which may include cold wallets. A digital representation would be the actual object traded on OTCXN’s system, he explained.

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Spotlight

Learn more about how established insurance carriers can team up in an increasingly collaborative ecosystem with our full report: www.accenture.com/us-en/insight-taking-i-out-insurance-distribution.aspx Copyright © 2016 Accenture.